The Soybean futures market has a bullish trend and a nice-looking buy setup.  Price is above the Ichimoku Cloud on the weekly, daily, and hourly charts.  

Soybean Weekly Ichimoku Cloud Chart

The weekly chart started its uptrend in May of 2020. Notice how the Ichimoku Cloud held price on the 2 Wave downdraft indicating significant support at this point. The Span B of the Ichimoku Cloud often acts as support or resistance and in this case, it acted as support.  A strong 3 Wave followed and the price has now gone flat, setting up a typical-looking bull flag. The pole was formed from the 2 Wave to the 3 Wave and the flag is shown by the top congestion zone. Most of the time markets in this configuration break up. The Ichimoku Cloud Lagging line is clear of price, the price momentum is up and Soybeans could head higher to continue their bull trend. 

Should Soybeans break up, look for price to reach the target zone. 

Soybean Daily Ichimoku Cloud Chart 

The price on the daily chart has a similar configuration to the weekly chart. Soybeans have been trending up, prices keep pushing above the Ichimoku Cloud. The weekly flag can be seen here as a daily flag, with a longer congestion zone. Price has created a W pattern inside the flag. At the end of last week, the price indicated, Soybeans may begin to head higher.  

Should the price break above the flag’s congestion zone, shown by the highs of the 3 Wave and the 5 Wave, you could buy. Look for prices to continue to the top of the target zone.  An entry on this daily time frame set-ups a bullish position for the longer-term weekly targets. 

Soybean 60-Minute Ichimoku Cloud Chart 

Soybeans continue to be in an uptrend on the 60-minute chart. Price headed to the targets and backed off. A congestion zone has been set up around the equilibrium of the Ichimoku Cloud.  

When markets break up, as seen from the 6 Wave to 7 Wave, the price often will then retrace and congest until it encounters the Ichimoku Cloud. The old 5 Wave and Ichimoku Cloud Span B are acting as support. If the price is held by this support, look for Soybeans to once again continue upwards.  

Once Soybeans resume their uptrend on the 60-minute chart, watch for the daily chart to push higher as well. 

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